The Digital Chamber (TDC) has called on the U.S. Securities and Exchange Commission (SEC) to cease its aggressive actions against the crypto industry, following its enforcement against Consensys. TDC argues that the SEC’s actions are excessively restrictive and harmful to financial innovation and inclusion.
### Digital Chamber Criticizes SEC’s Action
The Digital Chamber (TDC) has urged the U.S. Securities and Exchange Commission (SEC) to stop its aggressive stance against the crypto industry, particularly following the SEC’s recent action against Consensys Software over its Metamask swaps and staking services.
In a statement released on Monday, TDC expressed its strong opposition to the SEC’s latest lawsuit against Consensys, the creator of the Metamask crypto wallet, highlighting:
“This action, targeting DEX [Decentralized Exchange] routing and staking services, is yet another troubling instance of the SEC’s overreach.”
Consensys responded to the SEC’s action last week, asserting: “We firmly believe that the SEC lacks the authority to regulate software interfaces such as Metamask. We will persistently pursue our case in Texas for a ruling on these matters, as it is crucial not only for our company but also for the future success of web3.”
TDC’s statement on Monday further emphasized: “Defi [decentralized finance] platforms like Metamask’s swaps and staking democratize finance, providing greater autonomy, efficiency, and access to financial services. They empower the unbanked and underbanked, promoting financial inclusion and accessibility. The SEC’s claim against Consensys misinterprets the technology and stifles progress that could benefit millions.”
The chamber criticized the SEC’s repeated enforcement actions, stating that they create market uncertainty and violate the SEC’s investor protection mandate due to a lack of clear rules. With the recent end of Chevron deference, the regulatory ambiguity should not continue, TDC stressed. The statement concluded:
“We stand with Consensys and the wider community in advocating for fair regulation that fosters innovation, protects investors, and promotes financial inclusion. Enough is enough — it’s time for the SEC to stop attacking the digital asset industry and embrace the future of finance.”
### Supreme Court Decision on Chevron Deference
Last week, the U.S. Supreme Court struck down Chevron deference, a doctrine that allowed federal agencies broad discretion in interpreting ambiguous statutes. Cody Carbone, TDC Chief Policy Officer, remarked: “This decision is a game changer for the crypto industry. It promises a future where regulations are more predictable and grounded in clear legislative intent, rather than shifting interpretations by regulatory agencies and unelected policy leaders.”
When do you think the SEC will end its attacks on the crypto industry and embrace the future of finance? Let us know in the comments section below.
